Michael S. Barr: “I personally oppose it quite significantly. I think it is, I would use a technical term, 'dumb,' the way they describe…”

They failed in basic measures of interest rate risk and liquidity risk.

Yes. I have been consistent in saying both that the system is strong and that we also need to think about stronger capital rules.

The failure of SVB illustrates the need to move forward with our work to improve the resilience of the banking system.

We will definitely be looking into that. And we retain enforcement authority to go after people at the bank who violated the law, or who breached their fiduciary duty, or who engaged in unsafe and unsound practices, and we will hold them…